570-point rally tosses index above 45,000 level
As a result of an ongoing bull run that began after the country signed up for a $3 billion Stand-By Arrangement with the International Monetary Fund during the Eid break, the benchmark index for the top 100 stocks listed on the Pakistan Stock Exchange crossed the psychological barrier of 45,000 points on Tuesday.
According to Topline Securities, the upward trend began after the opening bell and continued until the end of trading hours. Pakistan’s rise was sparked by a rating upgrade from CCC- to CCC from global agency Fitch a day ago.
During trading hours, the Saudi finance minister announced an earlier-than-expected arrival of $2bn of funding. As a result of the inflow, the rupee recovered some ground lost against the dollar a day earlier.
Thus, the KSE-100 index settled at 45,155.80 points, an increase of 570.67 points or 1.28 percent.
A total of 555.1 million shares were traded, an increase of 26.1pc. A day-on-day increase of 28.1 percent in the traded value to Rs15.4 billion was recorded.
WorldCall Telecom Ltd (35 million shares), Pakistan Refinery Ltd (31.4 million shares), Fauji Foods Ltd (23.2 million shares), TPL Properties Ltd (21.7 million shares) and Cnergyico PK Ltd (21.6 million shares) contributed significantly to the trading volume.
In absolute terms, Rafhan Maize Products Company Ltd (Rs242.95), Khyber Textile Mills Ltd (Rs55.89), Nestle Pakistan Ltd (Rs55), Mehmood Textile Mills Ltd (Rs30) and Mari Petroleum Company Ltd (Rs29.82) recorded the largest increases in their share prices.
It was Bata Pakistan Ltd, Siemens Pakistan Engineering Ltd, Dawood Lawrencepur Ltd, Pakistan Services Ltd, and Bhanero Textile Mills Ltd that posted the largest declines in their share prices in absolute terms.
Shares worth $1.05m were purchased by foreign investors.